As big banks shrink their trading in U.S. Treasuries, this crucial market is becoming less and less transparent.

As big banks shrink their trading in U.S. Treasuries, this crucial market is becoming less and less transparent.

Working the phones rather than the keyboard can be costly.

Working the phones rather than the keyboard can be costly.

Companies lining up for cash may find unpleasant pricing surprises in U.S. debt market.

Companies lining up for cash may find unpleasant pricing surprises in U.S. debt market.

Conventional wisdom is no longer reliable now that Chinese, European, and U.S. policymakers are dominating bond markets.

Conventional wisdom is no longer reliable now that Chinese, European, and U.S. policymakers are dominating bond markets.